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Moody's downgrades ICICI's future bond sale via Bahrain branch

Ratings agency Moody's today downgraded ratings on ICICI Bank's future bond issuance through its Bahrain branch under the medium term notes (MTN) programme, but retained the ratings on its existing bonds, reported PTI.
We have downgraded the provisional ratings on forex currency senior unsecured MTN programme of the bank's Bahrain branch to Ba2 from Baa3, because the forex bond ceiling for Bahrain is now at Ba2, Moody's said in a note.
At the same time, we've retained the Baa3 ratings on its forex senior unsecured outstanding debt raised through this branch, Moody's added.
When contacted, the bank said the rating action is linked with Bahrain's sovereign rating, and not with ICICI Bank. The rating of the bonds, which have already been issued out of our Bahrain branch, has been reaffirmed.
Downgrading of Bahrain's rating would mean that any future bond issuance out of our Bahrain branch would carry a lower rating. We do not intend to make any such issuances, the bank said in a statement.
Moody's also downgraded the branch's counterparty risk assessment to Ba1(cr)/not prime (cr) from Baa3(cr)/P-3 (cr), apart from downgrading the local currency country risk ceiling for Bahrain to Ba1.
The downgrading of the provisional ratings on the foreign currency senior unsecured MTN programme for the Bahrain branch to Ba2 is solely on account of the forex bond ceiling of Bahrain, which was downgraded to Ba2, it said.
Similarly, the downgrading of the branch's CRA is solely on account of the local currency country risk ceilings of Bahrain, which is also downgraded to Ba1.
All other ratings under the MTN programme of the bank remain unchanged, Moody's said, adding the outlook on all ratings is stable.
On the ratings rationale, the agency said it affirms the ratings on the outstanding forex senior unsecured bonds issued by the Bahrain branch under the MTN programme at Baa3, on the basis of an unconditional standby letter of credit on these outstanding bonds through ICICI's Dubai branch.
The features of the standby letter of credit satisfy the key criteria required to achieve full credit substitution. Consequently, ratings of these instruments are in line with Baa3 forex senior unsecured ratings of Dubai branch, it said.
It also affirmed the forex senior unsecured debt rating of the Bahrain branch as the only bonds outstanding are those covered by the standby letter of credit.

18-08-2017 00:47

Usha Martin Education appoints two independent directors

Usha Martin Education & Solutions, engaged in educational support services, on Thursday said Manoj Kumar Vijay and Nitin Sharma have been appointed as the independent and non-executive directors of the company with effective from August 17, 2017.
“Manoj Kumar Vijay and Nitin Sharma have been appointed as the Independent and Non-Executive Directors of the Company w.e.f 17th August, 2017,” said Usha Martin Education & Solutions in a filing to the Bombay Stock Exchange.
Meanwhile, shares of company closed day’s trade at Rs 2.16 apiece, down 4.85 per cent, on the Bombay Stock Exchange.

17-08-2017 17:38

Infosys board to consider Rs 13,000 cr share buyback on Aug 19

The board of Infosys, India's second largest software services firm, will meet on August 19 to consider a Rs 13,000-crore share buyback proposal.
The share buyback -- which will be the first in the company's 36-year history -- has been a long standing demand by some of the founders and high-profile former executives, who have been pushing Infosys to return surplus capital to its shareholders.
Bowing to the demand, the Bengaluru-based company had in April announced that it will pay up to Rs 13,000 crore to shareholders during the current financial year through dividend and/or share buyback.
The IT firm had recently adopted a new Articles of Association that included a provision for buyback.
...The Board of Directors of Infosys Ltd will consider a proposal for buyback of equity shares of the company at its meeting to be held on August 19, 2017, Infosys said in a regulatory filing late last night.
It added that the outcome of the board meeting will be disseminated to the stock exchanges after the conclusion of the meeting.
The company, however, did not outline the details of the proposed share buyback in the regulatory intimation.
Meanwhile, shares of the company closed trading at Rs 1021.15 apiece, up 4.54 per cent from the previous close on BSE.

17-08-2017 17:21

Axis Bank launches new home loan product

Aiming to ramp up its mortgage book volumes and expecting better credit behaviour, Axis Bank today launched a home loan product that entails waiving off a few EMIs during the course of a loan, reported PTI.
The third largest private sector lender will waive off four equated monthly instalments (EMIs) each at the end of the fourth, eighth and the 12th year of a two-year loan.
This means that if a borrower takes a 20-year loan, the consumer will get 12 of the EMIs waived off, which the bank claimed will help save Rs 3.09 lakh on a Rs 30-lakh loan.
The waivers will be applicable for loans of up to Rs 30 lakh and will be given in the form of reduction in loan tenures, it said, adding that the interest rate stays the same at 8.35 per cent.
When asked if it will impact the net interest margin as the total tenure is coming down, executive director Rajiv Anand said the bank will benefit from better credit behaviour and longevity of a loan as pre-payments will be less.
But a single missed EMI will disqualify the borrower from getting the benefit, while on the longevity front, the incentives can help reduce prepayments, he said.
Asked if this would qualify as a 'teaser loan' about which the regulator has had many concerns in the past, a senior bank official replied in the negative, saying there is no differential rates of interest applied here, which is the typical hallmark of a teaser loan.
The bank already has a special product for the affordable housing segment called 'Asha', while the new product is christened 'Shubh Arambh', the official said, adding the former is aimed at the lower income group (of loans up to Rs 25 lakh).
At present, Asha loans account for around 5 per cent of its mortgage book, Anand said. As of June, home loans constituted a whopping 44 per cent of the Rs 1.68 trillion retail portfolio of the bank.
The new product is aimed at first-time home buyers but can be availed of by those switching lenders as well, Anand said.

17-08-2017 17:01

Cambridge Technology appraised at CMMI Level 5

Cambridge Technology, a leading global technology company, on Wednesday said that it has been appraised at Level 5 of the CMMI Institute’s Capability Maturity Model Integration (CMMI) v1.3 for its services. The appraisal was performed by QAI Consulting.
CMMI is a capability improvement approach that provides organizations with the essential elements of effective processes that ultimately improve their performance. An appraisal at maturity level 5 indicates that the organization is performing at an “optimizing” level. At this level, an organization continually improves its processes based on a quantitative understanding of its business objectives and performance needs. The organization uses a quantitative approach to understand the variation inherent in the process and the causes of process outcomes.
In order for CT to build a practice that is innovative, it has laid the foundation of a self-learning organization and as part of that CT is continually proud to be one of the ~30 companies appraised at this level for services in India. CT is also one of the few organizations in the world with 100 percent AWS certified Cloud Operations Centre with proven experience of over 10 million instance management hours.
“In the past, CT has been appraised at CMM Level 5 v1.1, CMMI Level 5 v1.2, CMMI L5 v1.3 for development and maintenance projects and maintaining this highest level in CMMI for its services,” said Cambridge Technology in a filing to the Bombay Stock Exchange.
In acknowledgment of the achievement, Aashish Kalra, Chairman of CT, commented, “CT achieves a milestone to become a self-learning and innovating organization and being appraised at the highest level of CMMI for our services demonstrates our focus and commitment towards continuous process maturity, innovation and delivering value to our customers. We are continually proud to maintain the highest standards of software quality & engineering in our organization and be part of a select group of global companies appraised at the highest level.”

16-08-2017 16:36

CCS Infotech Ltd. - Shareholding for the Period Ended September 30, 2016

CCS Infotech Ltd has submitted to BSE the Shareholding Pattern for the Period Ended September 30, 2016.

12-Oct-2016 01:54 PM

CCS Infotech Ltd. - Extension in holding Annual General Meeting

CCS Infotech Ltd has informed BSE that the Company has been granted approval from the Registrar of Companies, Chennai for extension in holding its Annual General Meeting till November 30, 2016 for the FY15-16.

12-Oct-2016 10:36 AM

CCS Infotech Ltd. - Shareholding for the Period Ended September 30, 2016

CCS Infotech Ltd has submitted to BSE the Shareholding Pattern for the Period Ended September 30, 2016.

12-Oct-2016 01:54 PM

CCS Infotech Ltd. - Extension in holding Annual General Meeting

CCS Infotech Ltd has informed BSE that the Company has been granted approval from the Registrar of Companies, Chennai for extension in holding its Annual General Meeting till November 30, 2016 for the FY15-16.

12-Oct-2016 10:36 AM

Corporate Details

About Management

2005

-CS Infotech secures order worth Rs 5.40 mn from BSNL.

2006
-is India's leading Information Technology Solutions provider. CCS had wide range of expertise include Hardware Solutions, Software Development and Networking Services. We are manufacturers, exporters and suppliers of Computers from India.